Business is up on Wall Street, but not nearly enough to start popping bottles.
Investment banking revenues at the top-12 banks hit $US82 billion during the first half of 2017, according to data from industry consultant Coalition.
That’s a 4% increase from last year, but still a yawning gap from the performance of 2012 to 2015, when first-half sales never dipped below $US91.5 billion.
And while first-half performance so far is beating 2016, that’s mostly thanks to a strong first quarter. Second-quarter revenues were ugly, coming in at $US39.5 billion, or 5% less than the year prior.
The data includes revenues for: Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Societe Generale, and UBS.
Here’s the full breakdown: